Naira rises on strong dollar inflow

The naira firmed sharply on Wednesday after the Nigerian National Petroleum Corporation (NNPC) sold about $350 million to lenders, helping the currency recover from a record low against the dollar.

According to Reuters, the naira closed at N186 to the dollar, gaining 3.55 per cent in volatile trade from Tuesday’s record low close of N192.10.

The NNPC, which accounts for the bulk of hard currency traded on the interbank market, sells dollars every month to buy naira for its local operations.

However, the Central Bank of Nigeria (CBN) plans to sell about N192.39 billion in treasury bills with maturities of 3-month and one year at an auction next week as part of measures to curb money supply.

The central bank said in a notice that it would sell N45.17 billion worth of 3-month treasury bills, N30 billion in 6-month paper and N117.22 billion in one year paper, using the Dutch Auction System.

[ThisDay]

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